The Online Betting Industry Continues to Grow in Canada

Jan 17, 2023

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More countries and states around the world pass laws legalizing gambling, whether sports wagers or online casino games like blackjack, slots and baccarat. With an expanding market as more games are adapted to the digital world and more betting lines are available to wager on comes an increased need for online safety: the global online gambling industry market share was $81.03 billion in 2022, even with the Russo-Ukrainian War and continued recovery from the COVID-19 pandemic suppressing economies around the world. Experts expect the market share to grow an additional 9.3 percent in 2023.

Developments in Financial Technology, or Fintech, are transforming the way that betting platforms like Bet365 Casino Ontario Online are able to conduct their business: the gambling industry adapting to the internet opens a new world of possibilities for bettors and casinos alike.

Fintech in Layman’s Terms

Fintech refers to “new tech that seeks to improve and automate the delivery and use of financial services…by utilizing specialized software and algorithms.”

While it began as a buzzword for the software used by banks turning to the digital world, Fintech is considered part of the Technology, Media and Telecommunications (TMT) sector that continues to grow and evolve, with new developments like Artificial Intelligence taking up an increasing stake in the public’s interest.

A wide variety of technologies fall under the Fintech label, from apps to keep track of a budget and mobile banking to cryptocurrency, cloud storage and the blockchain.

Increased Security…

Online betting provides a streamlined and secure process for users to cash out on their wagers: safer than carrying cash out of a casino, faster than depositing a check.

Even when interacting with trusted brands, however, submitting Personally Identifiable Information (PII) like credit card numbers, Social Insurance Numbers, home addresses and more to online portals can be a nerve-wracking experience.

Bet365 Casino Ontario Online harnesses the power of Fintech to take a weight off their customer’s minds. One example is their Secure Sockets Layer (SSL) web certificate, a protocol that encrypts online data submissions throughout a transaction, ensuring that one’s data is safe and secure through every step of the way.

Another example of Fintech is the Know Your Customer verification program that Bet365 uses to confirm a bettor’s identity, which helps to prevent money laundering, fraud, use of the platform by underage users and identity theft.

…Streamlined Results

With a world of information at one’s fingertips, processing speed is key in the digital age. Fintech makes it possible for users to pocket their winnings almost as soon as the wagers process. Despite the uptick in efficiency, increased speed doesn’t always come with increased costs for consumers as Fintech moves toward consumer-oriented platforms.

FinSMEs Newsletter reports that “Fintech platforms typically charge lower fees than traditional banking methods, meaning that more of the winnings end up in the gamer’s pocket;” hidden fees at the end of a transaction are the enemy of anyone who has ever bought anything online, but Fintech cuts down on that phenomenon.

Although a bank deposit may take a few days to transfer through to the betting platform itself, virtual credit systems are another example of Fintech that makes it possible to start betting immediately. Platforms are able to verify transactions and provide in-app currency while deposits clear, reducing the wait time for users.

Anything Else?

Other applications of Fintech in the online and sports wagering industries include in-app currencies like tokens and free or second-chance bets. While these assets are limited to the platforms that provide them—you have to place and win a free bet before you can cash out on the dollar value—they provide a fun, risk-free promotion for users to take advantage of.

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App-specific fund balances mean that users can also make one-time purchases to load up on credits, making it so that they can play the games they love without having to stress over entering payment information each time they make a wager.


NCFA Jan 2018 resize - The Online Betting Industry Continues to Grow in CanadaThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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